Anyone here have experience working with Angels or VCs in fund raising? I've been invited to help some previous co-workers get a new startup running, but funding is an issue for them. My last two start ups I self funded, but those funds have long dried up. :) Any ideas? What to look for? What to watch out for?

Quick view of the company, it is going to be a PC/Software resellers, data storage provider, and a cell center service provider. I am pushing to ensure the bulk of the company is based in Oklahoma, so that isn't an issue.

Any feedback would be very welcome...if you need more info, let me know.